Pension Providers
Use Privacy Enhancing Technologies (PETs) to optimise your fund management and administration, improve regulatory compliance, and enhance customer service.
The Challenge
Digitise
Certificates of Existence are a pain for everyone. By digitising this process, significant time and money will be saved for the pensioner and the fund administrator.
Saving time and money
Through the implementation of automated verification services key pensioner details can be verified without needing the pensioner to leave their home.
Our Solution
Pensions organisations have similar KYC requirements to banks. On the customer-facing side, they must carry out the same levels of CDD and EDD, but it is more difficult for pensions companies to monitor behaviors because their customer interaction is much less than it is for a bank. As customers age, so their ability to manage their pensions becomes more difficult and a customer may require assistance from a third party, who is often a relative or legal appointee who has power of attorney. Monitoring a pension as it begins to pay out, creates another challenge to ensure that the customer is the person receiving the funds correctly and that they are not being diverted or misused by a third party. This potentially includes carers, relatives or persons with powers of attorney. Knowing when a person is approaching death e.g. in a hospice, or has died, to avoid any possibility of the pension paying out after death, or to ensure that the payment transfers correctly to an approved party, such as a spouse or legally authorised partner.
Reduces Workload
A key part in the pension administration process is the confirmation that the pensioner is still alive. This is done through a manual form that is posted to the pensioner. It is filled in and signed in front of an upstanding member of the community such as a police officer. Sedicii can automate this process making administration easier.
Easy Integration
By providing an easy to use API any results that are recorded can be transferred to an upstream system.
Cost reduction
Applying technology to convert manual tasks to digital, we can reduce costs driving savings for the fund administrator.
Project PHACKS
The Platform for High Assurance Collaborative Knowledge Sharing (PHACKS) is an EU funded commercialisation initiative aimed at developing new markets for advanced privacy-preserving technologies where data collaboration is at the core of the participants collaboration. The project focuses on creating solutions that enable secure and privacy-respecting access to digital services and resources that leverage data assets that each of the participants hold but in a manner where those assets are not disclosed to the other participants. PHACKS leverages cutting-edge cryptographic techniques, including zero-knowledge proofs and secure multiparty computation, to ensure that sensitive information is completely protected during the data processing stages.
FAQs
Collaboration in the context of pensions involves various stakeholders working together to ensure the effective management, sustainability, and optimisation of pension funds. These various parties can enhance the efficiency, transparency, and security of pension systems, ultimately benefiting the individuals relying on these funds for their retirement.
Here are some examples of areas where parties in the Pension Funds Sector could collaborate to improve outcomes for pensioners. Pension Fund Managers and Financial Advisors: Collaborating to manage investments wisely, ensuring that pension funds grow sufficiently to meet future obligations. Regulatory Bodies and Pension Providers: Ensuring compliance with laws and regulations to protect the interests of beneficiaries. Industry Experts and Researchers: Sharing knowledge and best practices to innovate and improve pension systems. Technology Providers: Offering advanced tools for better pension management and communication between stakeholders.
Yes, for example, collaboration among government agencies, non-profits, and private sectors can improve access to essential services such as transportation, housing, and legal assistance, making it easier for older adults to live independently. Furthermore, collaborative efforts between pension funds, healthcare providers, caregivers, and family members can ensure comprehensive and continuous care for older adults, improving their overall health and well-being.
No, pensioners in your pension fund do not necessarily have to be IT savvy. While digital tools and online platforms can enhance the management and accessibility of pension information, it's important to ensure that the system accommodates the varying levels of technological proficiency among pensioners. Here are some ways to achieve this: User-Friendly Platforms: Design pension management tools and websites to be intuitive and easy to navigate, with clear instructions and minimal technical jargon. Multiple Communication Channels: Offer alternative ways for pensioners to access information and services, such as phone support, in-person consultations, and mailed statements. Educational Resources: Provide training sessions, workshops, or tutorials to help pensioners become more comfortable with using digital tools. Assistance and Support: Ensure there is robust customer support available to assist pensioners with any technical difficulties they might encounter. Inclusive Design: Incorporate features that cater to those with limited IT skills, such as large print options, straightforward interfaces, and step-by-step guides. Feedback Mechanisms: Regularly solicit feedback from pensioners to identify and address any challenges they face with digital tools.
Yes, you can digitise a process that requires minimal involvement from the pensioner by automating and streamlining various aspects of pension management. Here are some strategies to achieve this: Automatic Enrollment and Contributions: Implement systems that automatically enroll employees into pension plans and handle contributions without requiring active participation from the pensioner. Automated Notifications: Set up automated notifications and reminders about important dates, changes in regulations, and account updates to keep pensioners informed without requiring them to take action. Self-Updating Systems: Use systems that automatically update pensioner information by integrating with other databases (e.g., employment records, government databases) to reduce the need for manual updates. Direct Deposits: Ensure pension payments are automatically deposited into pensioners bank accounts, eliminating the need for them to manage checks or payment requests. AI-Driven Customer Service: Utilise chatbots and AI-driven customer service to handle routine inquiries and support requests, ensuring pensioners get help without having to navigate complex systems. Pre-Scheduled Reviews: Schedule regular, automated reviews of pension accounts to ensure they are on track, with any adjustments made automatically based on predefined criteria. Simplified User Interfaces: For any required interactions, design interfaces that are extremely simple and intuitive, with minimal steps needed to complete any necessary actions. Personalised Portals: Create personalised pension portals that summarise key information and actions in a clear, easy-to-understand format, so pensioners only interact with the system when absolutely necessary. By implementing these strategies, you can create a digital pension management process that operates largely in the background, reducing the need for pensioners to be actively involved while still ensuring they receive all necessary benefits and information.